Major US-listed Chinese tech and electric vehicle stocks rose in Hong Kong on Thursday, with Alibaba and Nio up over 1%, tracking a positive night-end on Wall Street.
The benchmark Hang Seng Indexhowever, fell 0.3% as investors stayed on the sidelines ahead of the US federal reserve chair Jerome PowellTalk later today.
Vice Chairman of the US Federal Reserve Lael Brainard had maintained that the central bank would do whatever it takes to contain inflation, while recognizing the risks of going too far.
| share | movement |
|---|---|
| Alibaba group holding company GmbH. BABA | 1.09% |
| JD.com inc JD | 0.94% |
| Baidu Inc BIDU | 0.83% |
| Tencent Holdings GmbH. TCEHY | -1.22% |
| meituan MPNGF | 0.64% |
| Nio Inc NEVER | 1.82% |
| XPeng Inc XPEV | 0.1% |
| Li car inc LI | 0.1% |
Also read: Why NewAge stocks are getting hammered
macro news: China’s crude oil imports fell 9.4% yoy in August, dragged by outages at state-owned refineries and reduced operations at independent plants, reports Reuters.
China’s exports and imports have grown at the slowest pace in four months in August, weighed down by the inflation-driven slowdown in external demand and disrupted domestic production due to COVID lockdowns and heatwaves. Exports rose 7.1% yoy in August, after rising 18% in July.
China’s foreign exchange reserves fell to their lowest level since October 2018 for the second straight month, swept up by a fall in global financial asset prices Bloombergciting the government.
corporate news: NIO Inc reported second quarter results with operating loss expanding to RMB2.85 billion or US$424.8 million.
Tesla Inc TSLA Has reduced its waiting times for new vehicles in China by up to six weeks.
Top winners and losers: CNOOC Limited and China Resources Land Limited are the biggest losers on Hang Seng, losing more than 1.5% in the opening trade. Galaxy Entertainment Group Limited and Hang Lung characteristics…
